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Symbol used online for 3 things usually.

1. Bolding or emphasizing a word where font types are unavailable.
2. A way of setting off a word that gives what you're writing a "tone" without actually leading the reader to believe that you're saying the word.
3. Making a correction to a previous mistake.
In order of the definitions of asterisk:

1. I *really* want to come over and rotate your tires.
2. *grin* If you gt what I mean.
3. *get (or get*)
by XadaTen December 28, 2013
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2
A star shaped symbol (*) used to correct or clarify a spelling mistake when said mistake cannot be edited. Typically you'll see these types of corrections in chat rooms, text messages, or fast comment chains. These corrections can be applied by the original commenter or by another person.
(Asterisks when commenting on a cat picture on Facebook)

Jess L.: If you kep putting that cat in sweaters, your going to get mauled.

Jess L.: keep*, you're*
by Emobluejay January 05, 2014
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3
The person that's to pussy enough to cuss in a Christian Minecraft server, so he uses an asterisk to get away from the mods.
Ligmaball69: HOLY SH*T DUUDE, THAT SPIDER FELL FROM THE F*CKING SKY!!!
ModsRGay: you're lucky you used the asterisk, or you'd be demoted from diamond to coal by SuckmyPeen. That's not a good look.
by Putin's right hand man April 29, 2019
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4
A symbol used almost only for replacing the vowels in a curse word by those who are too scared to type the real word.
use of the asterisk:
b*tch, f*ck, f*g, sh*t, *ssh*le, qu**r, wh*re
by Your seudonym November 10, 2009
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5
(verb) 1. to use one or more asterisks to cover up a suggestive word. You can asterisk the word 'fuck' as f***.
2. to make or cause to seem (a word) suggestive.
1. Your write-up is full of asterisked words.
2. Do not asterisk words haphazardly. There is no need for asterisking the words 'promiscuous' and 'sexuality'.
by uttam maharjan December 31, 2011
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6
Not just a symbol(*). But a reference to one's sphincter, specifically the anus.

Notably used by Kurt Vonnegut in his novel Breakfast of Champions. Also appears in the Dresden Dolls song, The Kill.
The infamous Asterisk:

http://www.vonnegut.com/images/art/aug06/01backdoor.jpg
by Lame. January 07, 2009
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7
Asterisk is a hispanic slang for asshole, which is quite fun to use depending on the situation or moment it's being spoken.
You can tell about so since our assholes actually really look like an asterisk... yeah.
For instance:

Damon: Man, do you really like small ones?
Rob: Yes.
Damon: Oh great, i know this girl and i'll introd---
Rob: Because the big ones break my asterisk.
Damon: Oh for f*cks sake Rob.
by Ezuro February 19, 2015
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